Goodbudget Budgeting App Review

(November 2024)

In This Article

Goodbudget Budgeting App Review: Our Verdict

Goodbudget is a digital envelope budgeting system that’s simple, easy to use, and effective if you prefer to allocate your income into different spending categories. Unlike many budgeting apps that connect directly to your bank accounts, Goodbudget operates manually, requiring you to input your income and expenses yourself. This old-school method may seem cumbersome to some, but it appeals to users who want to stay intimately connected to their budgeting process.

In essence, Goodbudget is a great tool if you appreciate a more hands-on approach to managing your finances. The app’s simplicity, coupled with its envelope system, makes it a strong contender in the budgeting app space. However, it may not be the best choice if you’re looking for automatic tracking or integration with your financial institutions.

Pros

  • Simplify Your Budgeting Process: Goodbudget uses the envelope system, which makes it easy to allocate your income into different spending categories, helping you manage your finances more effectively.
  • Access the App On Multiple Devices: it supports both Android and iOS devices, allowing you to manage your budget from your smartphone, tablet, or computer.
  • Benefit from Affordability: The app offers a free version with essential features, and even the paid version is relatively inexpensive compared to other budgeting apps.
  • Enjoy User-friendly Design: Goodbudget is intuitive and straightforward, making it easy to get started without a steep learning curve.
  • Track Your Spending and Savings: The app provides detailed reports and colorful graphs to help you monitor your financial progress and stay on track with your goals.
  • Collaborate with Others: Goodbudget allows you to share your budget with family members or partners, making it easier to manage household finances together.

Cons

  • Manually Input Transactions: Unlike some other budgeting apps, Goodbudget requires you to manually enter each transaction, which can be time-consuming.
  • Limit Advanced Features: It lacks some advanced features like automatic bank syncing, which might be a drawback for users looking for more comprehensive tools.
  • Restrict Free Plan Capabilities: The free version of Goodbudget has limited features and only allows for one account, which might not be sufficient for all users.
  • Depend On Internet Connectivity: It also relies on an internet connection for syncing data, which can be a limitation if you need to access your budget offline.
  • Require Time to Master: While the basic features are easy to use, you may find that mastering all the functionalities takes time.
  • Lack of Investment Tools: Goodbudget does not offer investment tracking or resources.

1. Goodbudget Budgeting App Review: Who Goodbudget Budgeting App Is Best For

Goodbudget Budgeting App is best fit for  you if you:

  • Run a small business, and Goodbudget can help you manage your finances effectively with its straightforward envelope system.
  • Want to benefit from Goodbudget’s ability to track irregular income and expenses, making it easier to manage your finances.
  • Prefer to manage your household budget together with your spouse. 
  • Looking to pay off debt, Goodbudget can assist you in allocating funds towards debt repayment and tracking your progress.
  • Enjoys tracking every penny you spend, manually inputting your transactions, and seeing your finances at a granular level.
  • Avoid overspending and maintain strict control over your finances.

2. Goodbudget Budgeting App Review: Who Goodbudget Budgeting App Isn’t Right For

Consider other options if you:

  • Prefer a budgeting app that automatically syncs with your bank accounts to update transactions.
  • Run a large business or have complex financial management needs.
  • Often need to access your budget without an internet connection.
  • Managing investments is a crucial part of your financial planning.
  • Find manual entry of transactions time-consuming and prefer automated processes.
  • Need highly customizable budgeting tools and reports.

3. Goodbudget Budgeting App Review: What the Goodbudget Budgeting App Offers

  • Envelope Budgeting System:The core feature of Goodbudget is its envelope budgeting system. You can create virtual envelopes for different spending categories such as groceries, rent, entertainment, etc.
  • Manual Transaction Entry: Unlike many other budgeting apps, Goodbudget requires you to manually enter your transactions. This manual entry process might seem tedious to some, but it encourages you to be more mindful of your spending. Every transaction you make needs to be logged, which keeps you aware of where your money is going.
  • Syncing Across Multiple Devices: Goodbudget allows syncing across multiple devices, which is particularly useful for couples or families who are managing a budget together. 
  • Expense and Income Tracking: You can track both your income and expenses using Goodbudget. The app allows you to see how much money you brought in and how much you spent, giving you a clear picture of your financial situation.
  • Debt Tracking: Goodbudget includes a feature for tracking debt payments which allows you to create an envelope for debt repayment and allocate funds specifically for this purpose. This helps you stay on top of your debt obligations and ensures that you’re making progress in paying off your debts.
  • Reports and Insights: This app offers basic reporting features, allowing you to see how much you spent in each category and how your spending compares to your budget. It can help you identify areas where you need to cut back or where you have room to spend more.
  • Import and Export Options: Goodbudget allows you to import your bank statements into the app and export your data into a spreadsheet. It allows you keep detailed records of your financial transactions or analyze your spending patterns outside the app.
  • Free and Paid Versions: It also offers both a free version and a paid version (Goodbudget Plus). The free version includes basic features and allows you to create up to 10 envelopes, while the paid version provides more envelopes, additional accounts, and other premium features.

4. Goodbudget Budgeting App Review: Goodbudget Budgeting App Details

  • Pricing: Goodbudget offers two pricing tiers: Free and Plus. The free version is a great option if you’re just starting with envelope budgeting or you have simple budgeting needs. It includes 10 envelopes, one account, and limited access to certain features. While the Plus version costs $7 per month or $60 per year. With the Plus version, you get unlimited envelopes, unlimited accounts, priority support, and the ability to sync across five devices.
  • Interface: Goodbudget has a clean and intuitive interface that is user-friendly and easy to navigate. The app’s design is simple, focusing on functionality rather than flashy graphics or complex menus.
  • Customer Support: It provides customer support through email. Plus, you receive priority support, which means your enquiries are handled more quickly. It’s website also offers a wealth of resources, including FAQs, guides, and tutorials, to help you get the most out of the app.
  • Security: While Goodbudget doesn’t link directly to your bank accounts, the app  prioritizes user security. All data is encrypted, and the company does not sell your information to third parties. However, because transactions are manually entered, there’s no risk of unauthorized access to your financial accounts through the app.

5. Goodbudget Budgeting App Review: Where Goodbudget Budgeting App Stands Out

Hands-On Budgeting

One of the most significant advantages of Goodbudget is its emphasis on hands-on budgeting. By requiring you to manually input transactions, the app encourages active engagement with your finances. This level of involvement can lead to greater financial awareness and more disciplined spending habits.

Envelope System

The envelope budgeting system is a time-tested method that helps you stay within your spending limits. By allocating money to specific categories, you can avoid overspending and ensure that you’re only spending what you’ve planned for.

Device Syncing for Couples

Goodbudget’s ability to sync across multiple devices makes it an excellent choice for couples or families who want to manage their budget together. The shared envelope system ensures that everyone is on the same page and working towards the same financial goals.

Simplicity and Ease of Use

Goodbudget’s simple interface and straightforward design make it easy for anyone to use. Whether you’re new to budgeting or a seasoned pro, the app’s functionality is intuitive and accessible.

No Bank Account Linking Required

If you are concerned about privacy or security, Goodbudget’s manual entry system is a significant plus. Since the app doesn’t link to your bank accounts, there’s no risk of your financial information being compromised through the app. This makes it an appealing option if you’re wary of connecting your bank accounts to third-party services.

6. Goodbudget Budgeting App Review: Where Goodbudget Budgeting App Falls Short

Manual Entry Requirement

One of the most significant drawbacks of Goodbudget is the need to manually enter all transactions. While this can promote better financial awareness, it can also be time-consuming and tedious, especially if you have numerous transactions or you prefer automation in your financial management.

Lack of Bank Integration

Goodbudget’s refusal to connect directly to your bank accounts is a double-edged sword. While it enhances security, it also means that users miss out on the convenience of automatic transaction tracking and categorization, which is a standard feature in many other budgeting apps.

Basic Reporting and Analytics

The reporting features in Goodbudget are relatively simple compared to other budgeting apps. If you’re someone who enjoys detailed reports, charts, and graphs that offer in-depth insights into your spending habits, you may find Goodbudget’s offerings a bit lacking. The app provides basic spending reports, but it doesn’t offer the same level of detail or visual analytics as some of its competitors.

Limited Features in Free Version

While the free version of Goodbudget is sufficient for basic budgeting, it does come with some limitations. You’re restricted to 10 envelopes and one account, which might not be enough if you have a more complex financial situation or if you want to track multiple goals simultaneously. Additionally, users of the free version don’t have access to the priority support offered to Plus subscribers.

Not Ideal for Credit Card Users

Goodbudget’s envelope system is designed for cash flow management, making it less suitable if you rely heavily on credit cards. While you can create envelopes for credit card payments, the app doesn’t offer the same level of integration or tracking for credit card transactions as some other budgeting tools.

7. Goodbudget Budgeting App Review: How to Qualify for Goodbudget Budgeting App

  • Understand the App’s Features: Familiarize yourself with Goodbudget’s envelope system, manual transaction entry, and reporting capabilities to ensure it aligns with your budgeting needs.
  • Evaluate Your Budgeting Goals: Determine your financial goals, such as saving for a specific purpose, managing debt, or tracking expenses, to see if Goodbudget can help you achieve them.
  • Prepare Your Financial Information: Gather all necessary financial details, including your income, expenses, and any debts, to set up your budget accurately within the app.
  • Download the App: Install Goodbudget on your preferred device, whether it’s your smartphone, tablet, or computer, to start using its features.
  • Create Your Budget: Set up your budget by allocating your income into different spending categories (envelopes) within the app, ensuring you cover all your financial needs.

Commit to Regular Updates: Make a habit of regularly entering your transactions and reviewing your budget to stay on track and make the most of Goodbudget’s

8. Goodbudget Budgeting App Review: How to Apply for Goodbudget Budgeting App

  • Research the App: Look into Goodbudget’s features, benefits, and user reviews to ensure it meets your budgeting needs and preferences.
  • Visit the App Store: Go to the Google Play Store or Apple App Store on your device and search for “Goodbudget” to find the app.
  • Download the App: Once you locate Goodbudget in the app store, download and install it on your smartphone or tablet.
  • Create an Account: Open the app and sign up by creating a new account. You need to provide some basic information, like your email address and a password.
  • Set up Your Budget: Follow the app’s prompts to set up your budget. This involves creating envelopes for different spending categories and entering your income and expenses.
  • Explore the Features: Take some time to explore Goodbudget’s features, such as tracking expenses, generating reports, and sharing your budget with others. This can help you make the most of the app and ensure it fits your financial goals.

9. Goodbudget Budgeting App Review: Alternatives to Goodbudget Budgeting App

Mint

Mint is one of the most popular budgeting apps available, and it offers a highly automated experience. Unlike Goodbudget, Mint connects directly to your bank accounts, credit cards, and investment accounts, automatically importing and categorizing your transactions. It also provides a wealth of features, including bill tracking, credit score monitoring, and detailed spending reports, all for free. If you’re looking for a more automated, all-in-one financial management tool, Mint might be a better fit.

YNAB (You Need A Budget)

YNAB is another excellent alternative that also uses a form of the envelope system. YNAB encourages users to give every dollar a job and focuses on proactive budgeting. The app offers detailed reporting, goal tracking, and educational resources to help you gain control over your finances. However, unlike Goodbudget, YNAB does connect to your bank accounts for transaction imports, and it comes with a subscription cost of $14.99 per month or $99 per year. YNAB is ideal for you if you want a more sophisticated approach to budgeting and don’t mind paying for the extra features.

EveryDollar

EveryDollar, created by Dave Ramsey’s team, is another budgeting app based on the zero-based budgeting method, similar to the envelope system. It’s designed to be simple and user-friendly, making it easy to plan for every dollar you earn. EveryDollar has a free version with manual transaction entry and a paid version, EveryDollar Plus, that connects to your bank accounts for $129.99 per year.

PocketGuard

This is a budgeting app that automatically tracks your spending and shows you how much disposable income you have after accounting for bills, goals, and necessities. The app’s key feature, “In My Pocket,” tells you how much money is available for discretionary spending. PocketGuard connects to your bank accounts. Its a good option for you if you want an automated approach with real-time updates.

Simple

Simple is an all-in-one banking and budgeting app that offers a built-in envelope system called “Goals.” As a digital bank, Simple combines checking and budgeting into one platform, allowing you to manage your finances seamlessly. While Simple’s envelope system isn’t as customizable as Goodbudget, the integration with your bank account offers a level of convenience that’s hard to beat.

10. Goodbudget Budgeting App Review: Customer Reviews

Users appreciate the simplicity and clarity of Goodbudget. It’s based on the traditional envelope system, which helps them visualize their budget and see where their money is going. People who prefer a hands-on approach to budgeting really like that it requires them to manually enter transactions. This keeps them mindful of their spending and helps them stick to their budgets.

However, some users find the manual entry a bit of a hassle because they’re used to apps that automatically sync with their bank accounts. Customers mention that it can get tedious, particularly if they have a lot of transactions to track.

Users like that the app is great for couples or families because it allows for shared budgeting. But some feel that its features is a bit limited compared to other apps, lacking in areas like investment tracking or bill management.

Pro Tips

  • Leverage the envelope system by setting up envelopes for all your spending categories. This helps you allocate funds clearly and prevents overspending.
  • Sync your budget with your partner or family members. Goodbudget allows multiple devices to access the same budget, making it easy to stay on the same page with your finances.
  • Schedule regular check-ins with your budget. Consistently updating your envelopes with new transactions keeps your budget accurate and effective.
  • Prioritize your most important categories first. Allocate money to essential envelopes, like rent and groceries, before less critical ones, ensuring your basic needs are always covered.
  • Use the “Debt Accounts” feature to track and pay down any debts. This can help you stay organized and motivated as you work towards becoming debt-free.
  • Customize your envelope names and colors to suit your preferences. This makes your budget more personal and easier to navigate.
  • Transfer funds between envelopes when necessary. If you overspend in one category, move money from another envelope to cover it, keeping your budget balanced.
  • Plan ahead by creating future envelopes for upcoming expenses like holidays or large purchases. This helps you save gradually and avoid financial stress.
  • Explore the reports section to review your spending habits. Analyzing these reports helps you identify areas where you can cut back or adjust your budget.
  • Take advantage of Goodbudget’s online resources and tutorials. They offer helpful guides to maximize your budgeting skills and ensure you’re getting the most out of the app.

Recap

Goodbudget is a robust budgeting app that revives the traditional envelope system in a digital format. It excels in providing users with a hands-on approach to managing their finances, encouraging mindfulness and discipline through manual transaction entry. The app is particularly well-suited for those who prefer simplicity, couples who want to manage their budget together, and individuals who are wary of linking their bank accounts to a budgeting tool.

However, Goodbudget’s lack of automation and basic reporting features may be drawbacks if you prefer a more modern, streamlined approach to budgeting. The manual entry requirement can be time-consuming, and the app’s simplicity might not meet the needs of users with complex financial situations or those who desire more in-depth analytics.

If you value security, manual control, and the envelope budgeting method, Goodbudget is a powerful tool. Whether you’re using the free version or have upgraded to Goodbudget Plus, the app provides a solid platform for managing your money, tracking expenses, and working towards financial goals.

Although the best budgeting app for you depends on your personal preferences, financial situation, and how you like to manage your money. But, Goodbudget offers a unique and effective approach that could be just what you need to take control of your finances.

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